Performance Review Test of "Phibase RayScalper" EA for Forex

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A brief description about the strategy: Ray Scalper Trading strategy is based on a forward flow model. The EA is partly based on technical levels, but the core logic is based on the concept of ray tracing. All analysis are based on M15 and H1 bars. Fib levels are calculated based on H1 bars. Hourly trading range, M15/H1 trading channels and bands provide the required support/resistance levels to complement the Fib levels. The support/resistance levels are treated as objects in the model. Support resistance levels are not treated as absolute values, but as a buffered (5 to 10 pip) layers (objects) – the S/R also have a time span (length), for example, Channel levels are drawn from current time to a breach of channel level only. The S/R obtained from H1 bars will have the time span equal to the duration of the high/low between which the fib level was drawn. Describing the strategy using a physical model makes it simpler. At the close of every M15 bar, the EA places the TP at a distance of 12 hours. The S/R objects are ‘placed’ at various levels accordingly. If a Ray is able to be drawn between the current M15 bar open to the TP without cutting any of the objects, the trade is entered. In case the ray is valid for both short and long, the H1 trend (The current price’s relation to the price movement over the past 12 hours) will help the EA decide the trade direction. Ray Scalper does not use any long term indicators and confines its analysis based on only M15 and H1 time frames. Previous historical data of about 3 days is sufficient for the EA to function. The EA works on M15 time frame. All analysis are performed at the beginning of a new bar. But the trade entry may be made at the new bar open or the EA may wait for a better price and make the entry at any time during the M15 bar. Trade exit is controlled by the EA (if opposite signal is generated). The trade may also exit at any time on trigger of the target price/trailing stoploss/stoploss set on the broker side. By default, the EA will set all TP/SL and trailing SL on the broker server side. You can set the parameter “Use_Hidden_SL_TP=true” to enable the EA to use hidden TP/SL – in this case the EA will send out trade close execution request to the broker when price triggers the TP/SL or trailing SL level. The EA is not data feed or spread sensitive and has been performing reasonably similarly on most broker accounts.